Midtown 6 site in Miami sells for $28M

Real estate investor Alex Vadia just sold the 2.14 acre-site where Midtown 6 will rise for $27.9 million to a partnership between his company Midtown Development and Chicago-based Magellan Development Group.

The companies announced the closing in a press release. The deal has not yet been recorded by the Miami-Dade County Clerk of Courts. Vadia and Magellan representatives did not respond to multiple requests for an interview, while attorneys for Midtown Opportunities, the seller, declined comment. According to the press release, Midtown Development is an affiliate of Midtown Opportunities and both entities are owned by Vadia.

Designed by Chicago-based bKL Architecture, Midtown 6 will be a 32-story luxury mixed-use building with 447 residential units and ground floor retail at 3101 Northeast First Avenue. The sale comes seven months after the Miami City Commission granted final permit approvals for Midtown 6 and Midtown 7, another 32-story tower that will have 838 units.

The buildings will also share a common courtyard and pedestrian plaza. Midtown 6 also will have 73,590 square feet of indoor and outdoor amenities, including a pool and spa, fitness areas, game room, lounge, business office, kitchen and bars, and fireplaces.

The developers agreed to hire 40 percent of the construction workers from Miami-Dade County as a condition for approval.

Earlier this year, Magellan and Midtown Development opened Midtown 5, a 24-story tower with 400 units, 52,000 square feet of amenity space, along with ground floor retail. According to an apartment guide, rental rates at Midtown 5 range from $1,544 a month for a studio to $5,323 a month for a three-bedroom apartment.

Vadia’s Midtown Opportunities began acquiring land in Midtown Miami back in 2010, amassing 22 acres of developable land. According to Miami-Dade property records, the company acquired the Midtown 6 site for $6.3 million in December 2011.